Meeting Summary
The city council received a budget update for the Senior Wellness Center project, revealing a $1.6 million deficit due to market fluctuations and increased construction costs. Staff requested consensus to use $1.6 million from the Norman Regional land swap and sale to cover the deficit and potentially restore some value-engineered items, ensuring the project remains on budget.
Financial Matters
Senior Wellness Center Original Norman Forward Budget
Initial budget allocation for the Senior Wellness Center through Norman Forward.
Griffin Park Savings Allocation
Savings from Griffin Park land lease, reallocated to the Senior Wellness Center.
CARES Act Funding Allocation
Federal CARES Act funding allocated to the Senior Wellness Center.
Total Initial Senior Wellness Center Budget
Combined budget from Griffin Park savings and CARES Act funding.
Current Construction Budget
The portion of the total budget allocated for construction after soft costs.
100% Bidded Construction Cost
The total cost of the project based on current bids, exceeding the construction budget.
Budget Deficit
The shortfall between the current construction budget and the bidded cost.
Norman Regional Land Swap and Sale Proceeds
Funds anticipated from the sale of 718 North Porter ($1.2 million) and cash from the hospital ($426,000), proposed to cover the Senior Wellness Center deficit.
James Garner Boulevard Projected Savings
Projected savings from the James Garner Boulevard project, with $1.5 million already allocated to the Young Family Athletic Center, leaving $1.3 million remaining.
Coming Up
Watch For
- Final GMP (Guaranteed Maximum Price) for Senior Wellness Center to be presented to council in May.
- Closing of Norman Regional land swap and sale expected soon.
- James Garner Boulevard project to be bid around June.
- Affordable housing strategy (SROs and multi-family project) to be brought back to council.
Agenda Summary
Budget Update: Senior Wellness Center Project
Presentation on the current budget status of the Senior Wellness Center, detailing increased construction costs due to market fluctuations and proposing the use of funds from the Norman Regional land swap and sale to cover a $1.6 million deficit and restore some value-engineered items.